TEMPE, ARIZ. — Roosevelt LLC, a Tucson, Ariz.-based partnership led by Arizona Restaurant Supply, has purchased an industrial facility, which is located at 3116 S. Roosevelt St. in Tempe, for $1.45 million. The seller was Phoenix-based DA-RO Investments LLC. Arizona Restaurant Supply, Stainless Concepts LLC and Scottsdale Restaurant Supply will utilize the property. Mark Detmer and Bo Mills of Cushman & Wakefield of Arizona Inc. represented the buyer; Jeff Woudenberg of Ross Brown Partners represented the seller in the transaction.
LOS ANGELES — Next Century Associates LLC, a partnership between Los Angeles-based real estate investor Michael Rosenfeld and an entity in the D.E. Shaw Group, has unveiled plans for a $2 billion mixed-use project to be located on the 5.75-acre Century Plaza site, which is located at 2025 Avenue of the Stars in Century City area of Los Angeles. The 1.4 million-square-foot project will feature a 50-story mixed-use tower offering a 240-room five-star hotel, 163 hotel residences and 100,000 square feet of office space; and a 50-story residential tower offering 130 luxury residential condominiums. Additionally, the project will feature 115,000 square feet of retail shops and restaurants, a spa and a fitness center. “The original design of Century City envisioned a lifestyle center around individual vehicles, parking in subterranean garages with access to both homes and offices through these garages,” explains Rosenfeld. “Green space was designed to be experienced as decorative rather than interactive and walking was limited to designated pathways, some underground.” The company is now transforming Century City into a place where walking and the outdoor experience are prized. The project is being designed by Pei Cobb Freed & Partners, with the landscape and gardens designed by Ken …
FREMONT, CALIF. — Overton Moore Properties (OMP), through its investment vehicle OMP Industrial III, has acquired a 506,940-square-foot industrial/research & development building in Fremont. Located at 901 Page Ave., the complex consists of manufacturing, warehouse, labs and office/work space. Additionally, the complex features 21 kVA utility service, 100 percent air-conditioned facilities, epoxy-coated ESD concrete slab floors, overhead power distribution bars in the manufacturing area, emergency power, 25 to 28-foot clear heights, fully calculated and ESFR sprinkler systems. Eric Fox of CPS CORFAC International and Peter Castleton of Voit Commercial Brokerage, a CORFAC International affiliate, represented the buyer. The seller was Hewlett-Packard Company. The value of the transaction was not disclosed.
GILBERT, ARIZ. — Webster, Mass.-based The Commerce Group Inc. has purchased a 58,194-square-foot single-tenant office building, which is located at 1555 N. Fiesta Blvd. in Gilbert. Reston, Va.-based Southwest Student Services Company sold the property for $8.76 million. The Commerce Group is a subsidiary of Mapfre International, a division of Mapfre SA, Spain’s largest insurer. Kit Tiedemann and David Barrett of CB Richard Ellis’ Phoenix office represented the buyer; Harry Klaff of Jones Lang LaSalle’s Washington, D.C., office represented the seller in the transaction.
CORONA, CALIF. — Scott Hook and Cory Waxman of Marcus & Millichap represented the undisclosed seller in the disposition of Bank Reo, a 20,031-square-foot retail property located in Corona. The property, which is located at 1138 E. 6th St., was 60 percent vacant at the time of acquisition.
SAN MARCOS, CALIF. — Ledcor Construction Inc. has completed the construction for Windy Point Corporate Center, a 466,918-square-foot campus located at 750 Windy Way in San Marcos. The building will serve as the sports medicine school for Saint Augustine University. The campus comprises two two-story buildings totaling 68,000 square feet. The project is owned by Windy Point Partners LP. Project partners include McArdle Associates Architects, KLT Consulting Structural Engineers, D.A. Whitacre Construction, San Diego Air Conditioning, William Rogers Drywall, A&M Reinforcing Specialists Inc., Qualltech Concrete Inc., Pacific Coast Iron, Bergelectric Corp. and Vision Systems Inc.
SAN DIEGO — Sharp HealthCare, a not-for-profit integrated regional healthcare delivery system, has selected Grubb & Ellis to provide property management services for two owned and three leased properties in the San Diego area. The 500,000-square-foot portfolio includes the 190,000-square-foot 8695 Spectrum Center Blvd.; the 95,000-square-foot 5525 Grossmont Center Dr. in La Mesa; 150,000 square feet of space at 4000 Ruffin Rd; 54,000 square feet of space at 3571 and 3572 Corporate Court; and 10,000 square feet of space at 3558 Ruffin Rd. Additionally, Grubb & Ellis will provide lease administration services for 80 Sharp HealthCare leaseholds throughout San Diego County. Glenn Fibiger, portfolio manager with Grubb & Ellis’ Western Region in the company’s Poway, Calif., office, will lead the property management.
CENTENNIAL, COLO. — Barry Higgins and Taylor Turano of Marcus & Millichap’s Denver office represented both parties in the disposition of Southglenn Plaza, a multi-tenant office property located in Centennial. An undisclosed limited liability company acquired the property for $3.12 million. Located at 2305 E. Arapahoe Rd., the property was 70 percent occupied at the close of escrow. The seller was not disclosed.
BEVERLY HILLS, CALIF. — Newmark Realty Capital Inc. has arranged $30 million in permanent financing for the fee interest in the Beverly Hills Four Seasons Hotel. The hotel, which is located at 300 S. Doheny Dr., offers 285 rooms. George Mitsanas and Monique Monzon of Newmark Realty Capital arranged the financing. Specific terms of the transaction were not disclosed.
SAN DIEGO — Jomola Investments Inc. has acquired a 6,513-square-foot office property, which is located at 6225 Lusk Blvd. in San Diego’s Sorrento Mesa district. Pearson Family Trust sold the property for $2.2 million. Glenn Arnold and Todd Murphy of Grubb & Ellis|BRE Commercial represented both parties in the transaction.